Highlights of the 2011 Federal Budget

The 2011 federal budget was tabled on March 22, 2011. Although there were no changes in the corporate, personal, or GST tax rates, the budget did include several measures to tighten the tax base, which the government calls “closing tax loopholes”. These measures include the ending of partnership tax deferrals for corporate partners, new rules to restrict the exemption from capital gains tax on the donation of flow-through shares and new rules for individual pension plans and RRSP anti-avoidance rules. The budget also includes changes to the regulatory rules that apply to the charities sector.

KPMG has prepared an article that discusses all of the highlights of the budget. It is available at the following link:

http://www.kpmg.com/Ca/en/IssuesAndInsights/ArticlesPublications/TNF/Pages/tnfc1108.html

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